The South Korea-based shipbuilder posted first quarter net profit of KRW42.78bn ($36.78m), a sharp 70.9% fall from the same period a year ago.
The yard's operating profit plunged 75.1% year-on-year to KRW38.41bn while revenue declined 10% to KRW1.09trn.
Hyundai Mipo has received 21 newbuilding orders so far this year. The new orders include six product carriers, five LPG carriers, four platform supply vessels, two bulk carriers, two asphalt carriers, one combo carrier, and one pure car/truck carrier.
Feynman Jeon, analyst at Daishin Securities, said the shipbuilder's profit is expected to improve from the second quarter as higher margin vessels are delivered.
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